Published on December 05, 2022
Helping cannabis business owners and industry workers manage their finances
One of the wonderful things about living in the U.S. is the freedom to make personal choices, such as who you spend the rest of your life with, where you live and work and even where you keep your hard-earned money.
Working in a legitimate industry should not make it more challenging to receive financial services. But this is the situation many Michigan residents who own, operate or work at cannabis-related businesses like production and processing facilities or retail dispensaries find themselves in. While possessing and consuming cannabis products is legal for adults 21 and over in Michigan, the career decisions residents working in this industry have made can have an adverse impact on their ability to secure loans, cash their paychecks or utilize other services.
Community Choice Credit Union knows the cannabis business industry and is proud to serve more than 400 businesses that operate in the field. Not only that, but Community Choice has purposely invested in creating a full-service team and a sophisticated suite of cash handling, compliance, and transactional services. But it takes more than intent to become an expert in the field.
To make sure that we have conducted our due diligence, Community Choice leaders and team members have visited laboratories and storefronts, formed partnerships, and supported secure cash delivery services – because that is what our members demand and deserve. We continue to learn more about how we can best support our members involved in the cannabis industry and welcome feedback and suggestions from them.
We know that operators and entrepreneurs need money to make investments in equipment and product stock, hire employees and ensure state compliance, which often comes with standard fees. Access to lines of credit and loans can be critical to that member’s business survival. Our Choice Cash Services are one example of a product that can support cannabis business banking.
Furthermore, members who work in the cannabis industry but are not business owners need the same access to financial services as every other member. Industry bias does not exist here. Our members involved in this industry are hardworking individuals dedicated to providing safe products and accurate, educational information designed to help their own customers make informed decisions. In an industry that demands and deserves transparency, punishing members who are earning a paycheck in a legal industry goes against our mantra of helping our neighbors achieve the life they desire.
Community Choice aims to be the financial institution of choice for those members employed in the cannabis industry. Along with secure cash pickup and drop off services, our team provides award-winning online and mobile banking technology, experienced specialists and a thorough compliance team spread out among 24 member centers (and growing) throughout Michigan.
We encourage members to live the life – and pursue the careers – they want. The cannabis industry is a growing field with unique needs, and we are proud to be directly involved in it. Discover how we understand this industry by visiting ChoiceCashServices.com.